<SEC-DOCUMENT>0001752724-22-165140.txt : 20220725
<SEC-HEADER>0001752724-22-165140.hdr.sgml : 20220725
<ACCEPTANCE-DATETIME>20220725170109
ACCESSION NUMBER:		0001752724-22-165140
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220531
FILED AS OF DATE:		20220725
DATE AS OF CHANGE:		20220725
PERIOD START:           	20221130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLAHERTY & CRUMRINE TOTAL RETURN FUND INC
		CENTRAL INDEX KEY:			0001245648
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21380
		FILM NUMBER:		221104118

	BUSINESS ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 800
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		(626) 795-7300

	MAIL ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 800
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLAHERTY & CRUMRINE/CLAYMORE TOTAL RETURN FUND INC
		DATE OF NAME CHANGE:	20030623
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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        <name>DOMINION ENERGY INC</name>
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        <name>ALGONQUIN PWR &amp; UTILITY</name>
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        <name>CREDIT SUISSE GROUP AG</name>
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        <name>KEYCORP</name>
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        <name>M&amp;T BANK CORPORATION</name>
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        <name>DCP MIDSTREAM OPERATING</name>
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        <name>LIBERTY MUTUAL INSURANCE</name>
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        <name>NORTHPOINTE BANCSHARES I</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>CREDIT SUISSE GROUP AG</name>
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        <title>Credit Suisse Group AG</title>
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        <name>BARCLAYS PLC</name>
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        <title>Barclays PLC</title>
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        <name>NUSTAR LOGISTICS LP</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
        <title>NuStar Logistics LP</title>
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        <name>OCEAN SPRAY CRANBERRIES</name>
        <lei>F58I6BK23LKYT8F1SB71</lei>
        <title>Ocean Spray Cranberries Inc</title>
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        <name>RENAISSANCERE HOLDINGS L</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RenaissanceRe Holdings Ltd</title>
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        <invCountry>BM</invCountry>
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        <name>BANCO SANTANDER SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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      <invstOrSec>
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        <name>COMED FINANCING III</name>
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        <name>AMERICAN EXPRESS CO</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>ATHENE HOLDING LTD</name>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>GENERAL MOTORS FINL CO</name>
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        <name>VODAFONE GROUP PLC</name>
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        <name>FIRST HORIZON CORP</name>
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        <name>SIGNATURE BANK NEW YORK</name>
        <lei>VLP5AP0XK2GM6GKD1007</lei>
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        <name>CREDIT AGRICOLE SA</name>
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        <name>HUNTINGTON BANCSHARES</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH</title>
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        <name>EDISON INTERNATIONAL</name>
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        <name>UBS GROUP AG</name>
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        <name>ENERGY TRANSFER LP</name>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>DISCOVER FINANCIAL SVS</name>
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        <title>Discover Financial Services</title>
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        <name>LIBERTY MUTUAL GROUP INC</name>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <title>JPMorgan Chase &amp; Co</title>
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        <name>FIFTH THIRD BANCORP</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>STANDARD CHARTERED PLC</name>
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        <name>BNP PARIBAS</name>
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        <name>METLIFE INC</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
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        <name>DIME COMMUNITY BANCSHARE</name>
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        <name>ATHENE HOLDING LTD</name>
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        <title>Athene Holding Ltd</title>
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        <name>UBS GROUP AG</name>
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        <name>STANDARD CHARTERED PLC</name>
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        <name>CAPITAL ONE FINANCIAL CO</name>
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        <name>LAND O'LAKES INC</name>
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        <name>AMER AGCREDIT ACA</name>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <ticker value="MS"/>
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        <valUSD>5530556.00000000</valUSD>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>402016.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <annualizedRt>4.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273V407</cusip>
        <identifiers>
          <isin value="US29273V4077"/>
          <ticker value="ET"/>
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        <balance>106314.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2322525.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MERCHANTS BANCORP</name>
        <lei>54930008Y0GPVLF81889</lei>
        <title>Merchants Bancorp/IN</title>
        <cusip>58844R603</cusip>
        <identifiers>
          <isin value="US58844R6036"/>
          <ticker value="MBIN"/>
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        <balance>21000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>508725.00000000</valUSD>
        <pctVal>0.257483823537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE GROUP AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
        <cusip>225401AJ7</cusip>
        <identifiers>
          <isin value="US225401AJ72"/>
          <other otherDesc="SEDOL" value="BDD89F9"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1089356.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ATHENE HOLDING LTD</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd</title>
        <cusip>04686J408</cusip>
        <identifiers>
          <isin value="US04686J4085"/>
          <ticker value="ATH"/>
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        <balance>28800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>599472.00000000</valUSD>
        <pctVal>0.303414109123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ING GROEP NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
        <cusip>456837AY9</cusip>
        <identifiers>
          <isin value="US456837AY94"/>
          <other otherDesc="SEDOL" value="BMYR3H8"/>
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        <balance>775000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>622170.00000000</valUSD>
        <pctVal>0.314902374544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
        <cusip>95002Y400</cusip>
        <identifiers>
          <isin value="US95002Y4008"/>
          <ticker value="WFC"/>
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        <balance>53000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>994015.00000000</valUSD>
        <pctVal>0.503106359729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENSTAR GROUP LTD</name>
        <lei>213800AMAL5QFXVUCN04</lei>
        <title>Enstar Group Ltd</title>
        <cusip>29359U109</cusip>
        <identifiers>
          <isin value="US29359U1097"/>
          <ticker value="ESGR"/>
          <other otherDesc="SEDOL" value="BFXXB52"/>
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        <balance>61000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1551382.50000000</valUSD>
        <pctVal>0.785209883275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PNC FINANCIAL SERVICES</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc/The</title>
        <cusip>693475BD6</cusip>
        <identifiers>
          <isin value="US693475BD69"/>
          <other otherDesc="SEDOL" value="BMF2521"/>
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        <balance>1450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1453752.63000000</valUSD>
        <pctVal>0.735795932281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRST REPUBLIC BANK</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank/CA</title>
        <cusip>33616C720</cusip>
        <identifiers>
          <isin value="US33616C7204"/>
          <ticker value="FRC"/>
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        <balance>22000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>399410.00000000</valUSD>
        <pctVal>0.202155612480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
        <cusip>55336VAU4</cusip>
        <identifiers>
          <isin value="US55336VAU44"/>
          <other otherDesc="SEDOL" value="BKFGXH0"/>
        </identifiers>
        <balance>2120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2067745.46000000</valUSD>
        <pctVal>1.046559550136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC CAPITAL FUNDING USD</name>
        <lei>213800HMY2DB765NHE46</lei>
        <title>HSBC Capital Funding Dollar 1 LP</title>
        <cusip>40427LAB0</cusip>
        <identifiers>
          <isin value="US40427LAB09"/>
          <other otherDesc="SEDOL" value="5949551"/>
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        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1954128.09000000</valUSD>
        <pctVal>0.989053756538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.17600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMERICAN EQUITY INVESTME</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>American Equity Investment Life Holding Co</title>
        <cusip>025676503</cusip>
        <identifiers>
          <isin value="US0256765035"/>
          <ticker value="AEL"/>
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        <balance>67000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1659925.00000000</valUSD>
        <pctVal>0.840147104595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CNO FINANCIAL GROUP INC</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
        <title>CNO Financial Group Inc</title>
        <cusip>12621E301</cusip>
        <identifiers>
          <isin value="US12621E3018"/>
          <ticker value="CNO"/>
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        <balance>16100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>329647.50000000</valUSD>
        <pctVal>0.166846328998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CARLYLE FINANCE LLC</name>
        <lei>N/A</lei>
        <title>Carlyle Finance LLC</title>
        <cusip>14314C105</cusip>
        <identifiers>
          <isin value="US14314C1053"/>
          <ticker value="CG"/>
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        <balance>15400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>307923.00000000</valUSD>
        <pctVal>0.155850786564</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NATWEST GROUP PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group PLC</title>
        <cusip>639057AD0</cusip>
        <identifiers>
          <isin value="US639057AD02"/>
          <other otherDesc="SEDOL" value="BLB2PM8"/>
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        <balance>425000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>343250.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
        <cusip>172967JM4</cusip>
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          <isin value="US172967JM45"/>
          <other otherDesc="SEDOL" value="BWXV3H1"/>
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        <balance>1120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1100736.00000000</valUSD>
        <pctVal>0.557121655089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMERICAN INTL GROUP</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc</title>
        <cusip>026874BS5</cusip>
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          <isin value="US026874BS54"/>
          <other otherDesc="SEDOL" value="B606MS1"/>
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        <balance>2150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2696913.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.17500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>QBE INSURANCE GROUP LTD</name>
        <lei>549300D2FBW76FPUSG65</lei>
        <title>QBE Insurance Group Ltd</title>
        <cusip>74728GAE0</cusip>
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          <isin value="US74728GAE08"/>
          <other otherDesc="SEDOL" value="BMHCRJ0"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>669603.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CO</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp</title>
        <cusip>14040H824</cusip>
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          <isin value="US14040H8245"/>
          <ticker value="COF"/>
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        <balance>17820.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>382149.90000000</valUSD>
        <pctVal>0.193419661735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SYNOVUS FINANCIAL CORP</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp</title>
        <cusip>87161C709</cusip>
        <identifiers>
          <isin value="US87161C7092"/>
          <ticker value="SNV"/>
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        <balance>91848.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2348782.98000000</valUSD>
        <pctVal>1.188802638655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>SOCIETE GENERALE</name>
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        <name>REGIONS FINANCIAL CORP</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
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          <isin value="US06738EBG98"/>
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        <curCd>USD</curCd>
        <valUSD>2377317.08000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83367TBU2</cusip>
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          <isin value="US83367TBU25"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5749811.28000000</valUSD>
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        <invCountry>FR</invCountry>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>SBL HOLDINGS INC</name>
        <lei>N/A</lei>
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        <cusip>78397DAC2</cusip>
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          <isin value="US78397DAC20"/>
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        <curCd>USD</curCd>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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          <isin value="US83370RAA68"/>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>INDIANAPOLIS P&amp;L</name>
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        <title>Indianapolis Power &amp; Light Co</title>
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          <isin value="US4554348783"/>
          <ticker value="AES"/>
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        <curCd>USD</curCd>
        <valUSD>1819338.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DCP MIDSTREAM LP</name>
        <lei>52990024YYS3MLGW0E91</lei>
        <title>DCP Midstream LP</title>
        <cusip>23311P209</cusip>
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          <isin value="US23311P2092"/>
          <ticker value="DCP"/>
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        <balance>5200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>126413.56000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EVEREST REINSURANCE HLDG</name>
        <lei>N/A</lei>
        <title>Everest Reinsurance Holdings Inc</title>
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          <isin value="US299808AE55"/>
          <other otherDesc="SEDOL" value="B1WP7R5"/>
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        <balance>1519000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1333249.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HEARTLAND FINANCIAL USA</name>
        <lei>549300QF7B0DFZT32C73</lei>
        <title>Heartland Financial USA Inc</title>
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          <isin value="US42234Q2012"/>
          <ticker value="HTLF"/>
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        <balance>42600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1118889.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
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        <title>Wells Fargo &amp; Co</title>
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        <name>TRUIST FINANCIAL CORP</name>
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        <title>Truist Financial Corp</title>
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        <invCountry>US</invCountry>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.95000000</annualizedRt>
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        <name>COBANK ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
        <title>CoBank ACB</title>
        <cusip>19075Q862</cusip>
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          <isin value="US19075Q8621"/>
          <ticker value="COBKAC"/>
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        <balance>17500.00000000</balance>
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        <valUSD>1837500.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61745VAB9</cusip>
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          <isin value="US61745VAB99"/>
          <other otherDesc="SEDOL" value="BLB1718"/>
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        <balance>640000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>612859.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LLOYDS BANKING GROUP PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group PLC</title>
        <cusip>539439AU3</cusip>
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          <isin value="US539439AU36"/>
          <other otherDesc="SEDOL" value="BGGFFH2"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2833233.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>KKR REAL ESTATE FIN</name>
        <lei>549300K23AYZDZ2REL62</lei>
        <title>KKR Real Estate Finance Trust Inc</title>
        <cusip>48251K209</cusip>
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          <isin value="US48251K2096"/>
          <ticker value="KREF"/>
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        <balance>95536.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2299073.84000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CADENCE BANK</name>
        <lei>Q7C315HKI8VX0SSKBS64</lei>
        <title>Cadence Bank</title>
        <cusip>12740C202</cusip>
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          <isin value="US12740C2026"/>
          <ticker value="CADE"/>
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        <balance>30400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>704520.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AERCAP HOLDINGS NV</name>
        <lei>549300SZYINBBLJQU475</lei>
        <title>AerCap Holdings NV</title>
        <cusip>00774YAA7</cusip>
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          <isin value="US00774YAA73"/>
          <other otherDesc="SEDOL" value="BKQQYG5"/>
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        <balance>2530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2375239.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <curCd>USD</curCd>
        <valUSD>537120.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NY COMMUNITY BANCORP INC</name>
        <lei>529900HVXOTLY61GL030</lei>
        <title>New York Community Bancorp Inc</title>
        <cusip>649445202</cusip>
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          <isin value="US6494452021"/>
          <ticker value="NYCB"/>
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        <balance>235200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6156924.48000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SVB FINANCIAL GROUP</name>
        <lei>549300D2KJ20JMXE7542</lei>
        <title>SVB Financial Group</title>
        <cusip>78486QAJ0</cusip>
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          <isin value="US78486QAJ04"/>
          <other otherDesc="SEDOL" value="BKPGK46"/>
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        <balance>825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>673406.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QWEST CORP</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp</title>
        <cusip>74913G873</cusip>
        <identifiers>
          <isin value="US74913G8731"/>
          <ticker value="CTL"/>
        </identifiers>
        <balance>41820.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1021403.32000000</valUSD>
        <pctVal>0.516968562990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273V605</cusip>
        <identifiers>
          <isin value="US29273V6056"/>
          <ticker value="ET"/>
        </identifiers>
        <balance>187800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4540065.00000000</valUSD>
        <pctVal>2.297888437384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AUST &amp; NZ BANKING GRP/UK</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia &amp; New Zealand Banking Group Ltd/United Kingdom</title>
        <cusip>05254HAA2</cusip>
        <identifiers>
          <isin value="US05254HAA23"/>
          <other otherDesc="SEDOL" value="BYYZMH9"/>
        </identifiers>
        <balance>2550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2640322.20000000</valUSD>
        <pctVal>1.336361011208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Security reported as PREFERRED EQUITY on Form N-PORT per market convention; reported as CORPORATE DEBT SECURITY on SOI of Form N-CSR/N-CSRS per specific terms of security. 74913G873:74913G881:989701818" noteItem="C.4.a"/>
      <explntrNote note="Security reported as DEBT on Form N-PORT per market convention; reported as PREFERRED STOCK &amp; HYBRID PREFERRED SECURITIES on SOI of Form N-CSR/N-CSRS per specific terms of security. 00440FAA2:00773HAA5:00774YAA7:015857AH8:02005NBM1:02005NBN9:02369GAA3:025537AU5:025816CH0:026874BS5:03765HAE1:054536AC1:05463HAC5:060505EL4:060505EU4:060505FL3:060505GB4:06055HAB9:11102AAG6:14040HCF0:15189TAS6:808513BD6:172967JM4:172967MK4:172967MU2:172967MV0:172967NB3:174610AQ8:19075QAC6:20035AAA2:200340AU1:20453QAA0:23311RAH9:23311PAA8:254709AQ1:25746UDM8:281020AS6:281020AT4:290876AD3:29250NAN5:29250NBC8:29273VAM2:29360AAA8:29360AAB6:29379VBN2:29452EAA9:299808AE5:37045XCA2:37045XCM6:37045XDB9:37959GAC1:38144GAB7:38148BAE8:40427LAB0:446150AL8:446150AT1:446150AV6:46625HHA1:46625HJQ4:48126HAA8:48128BAF8:48128BAN1:50149XAA2:514666AK2:514666AM8:514666AN6:53079EAN4:53079EBM5:55261FAG9:55261FAN4:591560AA5:59156RAV0:59156RBS6:61745VAB9:55336VAU4:302570AX4:65473PAG0:92556HAE7:69331VAA4:693475BC8:693475BD6:743863AA0:7591EPAR1:78397DAA6:78397DAC2:816851BK4:816851BM0:842400FU2:842587DJ3:78486QAG6:78486QAJ0:78486QAP6:89356BAB4:89356BAE8:89832QAE9:89832QAF6:92840MAC6:92857WBQ2:949746RN3:949746TD3:989701BF3" noteItem="C.4.a"/>
      <explntrNote note="Security reported as DEBT on Form N-PORT per market convention; reported as CONTINGENT CAPITAL SECURITY on SOI of Form N-CSR/N-CSRS per specific terms of security. 05254HAA2:05946KAF8:05946KAG6:05962GAJ8:05971PAB4:05973KAB3:05971KAH2:06738EBA2:06738EBG9:06738EBN4:06738EBT1:05533UAG3:05565AAN3:05565AGF4:05565ASK0:225313AD7:225313AP0:225401AJ7:225401AK4:225401AL2:225401AN8:251525AX9:404280BL2:404280BP3:456837AY9:539439AU3:53944YAQ6:556079AB7:639057AD0:74728GAE0:74737EAA2:83367TBU2:83368JFA3:83370RAA6:83370RAB4:853254BH2:853254BX7:902613AD0:902613AJ7:90352JAF0" noteItem="C.4.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-07-22</ncom:dateSigned>
      <ncom:nameOfApplicant>Flaherty &amp; Crumrine Total Return Fund Inc</ncom:nameOfApplicant>
      <ncom:signature>Bradford Stone </ncom:signature>
      <ncom:signerName>Bradford Stone </ncom:signerName>
      <ncom:title>Chief Financial Officer, Treasurer and Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
